Product Research Made Easy: Considering Your Selling/Pricing Strategy in Consumer’s Perspectives
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When it comes to buying a product or service, we all want to get the best value for our money. But with so many options out there, how do you know which one is worth the cost? That’s where product research comes in.
Product research is the process of gathering information and evaluating different products to make an informed purchasing decision. By comparing features, prices, and reviews, as well as considering factors like quality, durability, reliability, and customer support, you can make sure you’re getting the most bang for your buck.
So, how do you conduct effective product research? Here are some practices to follow:
Look into popular products and evaluate the demand. Check out online shopping platforms like Amazon and eBay, or browse trending hashtags, pins, and comments on Pinterest.
Read reviews and case studies on relevant products. Once you have a list of products that meet your needs, compare them based on their features and benefits. Look for reviews, ratings, and feedback from other customers who have used the products you’re considering.
Compare prices. When shopping online, it’s easy to compare prices from different sellers. Take advantage of this by looking at multiple websites to find the best deals on the products you want.
Consider the product’s value. Price isn’t always the best indicator of value. Take into account the quality, durability, and features of the product to determine whether it’s worth the price.
Check for additional costs. When analyzing the price of a product, be sure to factor in any additional costs such as shipping or taxes. Also, consider what features the premium goes for a product, so you know how much to pay for add-on features.
Consider the brand reputation. A well-established brand may charge more for their products, but their reputation for quality and reliability may make it worth the extra cost.
Check for warranties and guarantees. Look for products that come with a warranty or guarantee. This can provide added peace of mind and protection if something goes wrong.
What’s more, here are some quantitative metrics for each step of product research:
Look into popular products and evaluate the demand
Number of sales for each product on online marketplaces
Number of customer reviews for each product
Number of mentions or shares on social media platforms
Search volume for each product on search engines
Read reviews and case studies on relevant products
Average rating of each product based on customer reviews
Number of positive versus negative reviews for each product
Number of case studies available for each product
Compare prices
Price of each product on different online marketplaces
Price of each product at different retail stores
Average price of similar products in the market
Consider the product’s value
Features offered by each product compared to their price
Durability and reliability ratings for each product
Cost per use or cost per year of each product
What is the basic function of this product? What is the minimum price to get that?
What is the premium of a product compared to the basic option? Where does the premium go?
Check for additional costs
Shipping costs for each product
Taxes or fees associated with each product
Additional costs for add-on features or upgrades
Consider the brand reputation
Number of years the brand has been in business
Number of awards or recognitions received by the brand
Customer satisfaction ratings for the brand
Check for warranties and guarantees
Length of warranty or guarantee for each product
Number of claims made on the warranty or guarantee for each product
Customer satisfaction ratings for the warranty or guarantee for each product
Here’s an example of quantitative metrics for each step of product research in table format:
Product Research Methodology: Bluetooth Headphones
Step
Metric
Value
Look into popular products and evaluate the demand
Number of sales on Amazon in past 30 days
10,000 units
Number of sales on Best Buy in past 30 days
5,000 units
Number of sales on Walmart in past 30 days
7,000 units
Average rating on Amazon based on customer reviews
4.5 out of 5 stars
Number of customer reviews on Amazon
10,000 reviews
Number of customer reviews on Best Buy
3,000 reviews
Number of customer reviews on Walmart
5,000 reviews
Number of mentions on Twitter in past 30 days
500 mentions
Number of shares on Facebook in past 30 days
1,000 shares
Search volume on Google in past 30 days
100,000 searches
Read reviews and case studies on relevant products
Average rating on Amazon based on customer reviews
4.5 out of 5 stars
Number of customer reviews on Amazon
10,000 reviews
Number of customer reviews on Best Buy
3,000 reviews
Number of customer reviews on Walmart
5,000 reviews
Number of case studies found on Google Scholar
3 case studies
Number of mentions of product defects in customer reviews
100 mentions
Average length of time before product failure based on customer reviews
6 months
Compare prices
Lowest price on Amazon
$49.99
Lowest price on Best Buy
$59.99
Lowest price on Walmart
$54.99
Consider the product’s value
Number of features offered
10 features
Number of different colors available
5 colors
Average product lifespan based on customer reviews
2 years
Average cost of replacement parts
$10.00
Check for additional costs
Shipping cost on Amazon
$5.99
Shipping cost on Best Buy
Free
Shipping cost on Walmart
Free
Sales tax on Amazon
$4.00
Sales tax on Best Buy
$3.00
Sales tax on Walmart
$4.50
Consider the brand reputation
Number of years the brand has been in business
10 years
Number of products the brand offers
50 products
Average rating of the brand based on customer reviews
4.0 out of 5 stars
Check for warranties and guarantees
Length of warranty on Amazon
1 year
Length of warranty on Best Buy
2 years
Length of warranty on Walmart
1 year
Number of customer complaints about warranty service
5 complaints
These metrics can help you make an informed decision when purchasing Bluetooth headphones. By gathering and analyzing quantitative data at each step of the product research process, you can compare different products and retailers to determine which one offers the best value for your needs and budget.